Allstate Announces October 2022 Implemented Auto Rates

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) announced auto insurance rate increases of 14.0% in October 2022, affecting 15 locations. This move aims to address rising loss costs due to inflation. The total premium impact for the Allstate brand in October was 1.3%, contributing to a 12.1% increase year-to-date, amounting to $2.9 billion. Catastrophe losses for the month remained below the $150 million threshold. Forward-looking statements emphasize that actual results may vary based on underlying assumptions and risks.

Positive

• Implemented a 14.0% auto insurance rate increase in October 2022.
• Total premium impact of 1.3% for October and 12.1% year-to-date, generating $307 million in October and $2.9 billion overall.

Negative

• None.

NORTHBROOK, Ill.--(BUSINESS WIRE)-- The Allstate Corporation (NYSE: ALL) today announced implemented auto insurance rates for October 2022.

“Allstate continued to implement significant auto insurance rate actions in the second half of 2022 in response to inflationary increases to loss costs. During the month of October, the Allstate brand implemented auto rate increases of 14.0% across 15 locations, resulting in total brand premium impact of 1.3%. Rate increases for Allstate brand auto insurance since the beginning of the year have resulted in a premium impact of 12.1%, generating increases of $307 million in the month of October and $2.9 billion year-to-date,” said Jess Merten, Chief Financial Officer of The Allstate Corporation. Our implemented auto rate exhibit has been posted on allstateinvestors.com.

Allstate’s estimated catastrophe losses were below the $150 million reporting threshold for October 2022.

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221117005730/en/

Al Scott

Media Relations

(847) 402-5600

Mark Nogal

Investor Relations

(847) 402-2800

Source: The Allstate Corporation

FAQ

What auto insurance rate changes did Allstate announce for October 2022?

Allstate announced a 14.0% increase in auto insurance rates across 15 locations in October 2022.

What was the total premium impact of Allstate's rate increases in October 2022?

The total premium impact was 1.3% in October 2022.

How much has Allstate generated from rate increases in 2022?

Allstate has generated $2.9 billion from auto insurance rate increases year-to-date in 2022.

Were Allstate's estimated catastrophe losses significant in October 2022?

No, Allstate's estimated catastrophe losses were below the $150 million reporting threshold for October 2022.